Ecopetrol (NYSE:EC) Reaches New 12-Month High – Still a Buy?

Ecopetrol S.A. (NYSE:EC)’s stock price hit a new 52-week high on Tuesday . The company traded as high as $11.17 and last traded at $11.1550, with a volume of 635447 shares traded. The stock had previously closed at $10.82.

Analysts Set New Price Targets

A number of research analysts have commented on EC shares. Weiss Ratings restated a “sell (d+)” rating on shares of Ecopetrol in a research note on Monday, December 29th. The Goldman Sachs Group reissued a “neutral” rating and set a $8.70 price target on shares of Ecopetrol in a report on Monday, December 1st. Finally, Zacks Research upgraded Ecopetrol from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 4th. One analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $10.73.

Ecopetrol Stock Performance

The company has a market cap of $22.41 billion, a PE ratio of 7.97 and a beta of 0.65. The stock’s 50-day simple moving average is $9.86 and its 200 day simple moving average is $9.30.

Hedge Funds Weigh In On Ecopetrol

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Ecopetrol by 12.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,087,763 shares of the oil and gas company’s stock valued at $11,356,000 after purchasing an additional 119,323 shares in the last quarter. Stokes Family Office LLC boosted its holdings in Ecopetrol by 25.2% during the second quarter. Stokes Family Office LLC now owns 212,808 shares of the oil and gas company’s stock worth $1,883,000 after buying an additional 42,819 shares in the last quarter. Oaktree Capital Management LP grew its position in Ecopetrol by 12.3% during the second quarter. Oaktree Capital Management LP now owns 3,549,822 shares of the oil and gas company’s stock worth $31,416,000 after buying an additional 387,700 shares during the period. Kingstone Capital Partners Texas LLC purchased a new position in Ecopetrol in the second quarter valued at about $2,525,000. Finally, Capital Fund Management S.A. increased its holdings in Ecopetrol by 529.6% in the second quarter. Capital Fund Management S.A. now owns 165,697 shares of the oil and gas company’s stock valued at $1,466,000 after buying an additional 139,381 shares in the last quarter.

About Ecopetrol

Ecopetrol SA (NYSE: EC) is Colombia’s state-controlled integrated oil and gas company and the country’s largest oil producer. The company’s operations span the upstream, midstream and downstream segments of the hydrocarbon value chain, including exploration and production of crude oil and natural gas, refining of petroleum products, transportation and storage via pipeline networks, and the marketing and sale of fuels and petrochemical feedstocks. Ecopetrol serves domestic demand in Colombia and maintains a portfolio of international investments and partnerships across the Americas.

In upstream activities, Ecopetrol focuses on exploration and development of onshore and offshore fields to sustain and grow hydrocarbon production.